Swap Shop's colorful owner is an original in his own right

Swap Shop owner Preson Henn, 82, stand next to one of several of his race cars… (Taimy Alvarez, Sun Sentinel )

December 11, 2013|By Paula McMahon, Sun Sentinel

Just 24 hours after settling a trademark case with Coach last week, Preston Henn pulled off what he had said was the impossible: There wasn't a single knockoff designer purse on display at his massive Swap Shop flea market.

Freed from the courtroom, the 82-year-old multimillionaire had returned to what he likes best: patrolling his 88-acre kingdom on a golf cart, with his own trademark cowboy hat back on his head.

Experts labeled it a win for Coach, but Henn had a different analysis of the $5.5 million settlement he has agreed to pay. "Just pocket change," he said.

Henn wouldn't explain his motivations for settling the civil lawsuit after a few days of jury trial in federal court in Fort Lauderdale last week, but he knows a thing or two about risk.

With a month to go until his 83rd birthday, the former race car driver still test drives Ferraris – an honor borne of winning the 24 Hours of Daytona and the 12 Hours of Sebring, as well as racing several times at Le Mans. He also won the Bacardi Trophy Offshore Powerboat Race twice.

"He's a legend for his racing ability alone," said close friend and Fort Lauderdale Ferrari dealer Ronnie Vogel. "He's sharp as a razor and he always has a lot of feedback on the cars when he test drives them."

Last year, Henn became the first person to buy the Gulfstream G650, the fastest executive jet on the planet. He's now offering the jet, which can reach close to the speed of sound at 704 mph, for sale at $71.5 million.

Despite an affinity for things that go fast, Henn speaks with the slow drawl of his native North Carolina. Because of it, he says, people often assume they can outwit him.

"That's their first mistake," said Broward County Property Appraiser Lori Parrish, who worked for Henn at the Swap Shop many years ago. "Preston is brilliant."

Henn attended the prestigious McCallie prep school in Chattanooga, Tenn., before getting a degree in chemical engineering at Vanderbilt University.

He started wearing the cowboy hat when he raced cars internationally.

"It was my symbol overseas. They called me Le Cowboy Preston," he said. "It makes it easy for people to recognize me. … If you don't get recognized, you're nowhere."

His race cars – worth many millions of dollars – lure car buffs from all over the world to the Swap Shop in Lauderhill, just east of State Road 7.

Henn's car collection is worth at least $100 million by a conservative estimate, Vogel said — it includes one car, a 1965 Ferrari 275 GTB Competizione Speciale, that would likely sell for about $70 million.

But it's the bargains and the opportunity to make a buck that draw throngs of shoppers and vendors to the flea market every single day of the week. Between 1,000 and 2,000 vendors set up stalls on the busiest days, and Henn still advertises the market as Florida's "second largest tourist attraction" — after Disney.

The list of items on sale is unfathomable – from jewelry, clothing, footwear, purses, cellphones, all manner of tchotchkes and used junk, to fresh flowers, vegetables and fruit.

"We've counterfeit watermelons for sale right there," Henn said with a sly grin during a Friday morning tour.

With the exception of Betty — his wife of 58 years, who declined to be interviewed — Henn's family, employees and vendors visibly jump to attention when they see him approaching.

Woe betides the vendor who attracts Henn's attention.

"$50 fine and he can't sell here any more, he's out," Henn announces into his walkie-talkie after spotting a trader's employee blocking a walkway.

Gil Andresen, a Swap Shop vendor for 24 years, says some complain about the rules and Henn's tight enforcement but Henn is an entrepreneurial pioneer.

"He is an eccentric, but he is also a visionary," said Andresen, who sells cellphones at his booth inside the air-conditioned main building.

"He is a multimillionaire and for $20 or less, he gives the small man — people who want to get ahead and own their own business — the opportunity to make whatever amount of money," Andresen said.

Vendors said those who want to thrive or even survive must quickly learn to follow the rules: Stay inside the painted yellow lines that mark their spot; don't dump ice on the ground; no rudeness or backtalk with Henn or his workers.

Though Andresen said he loves and respects Henn, he waits for Henn to initiate conversations.

"He doesn't take any prisoners," Andresen said. "It's his way and I believe it's his way only."

Henn could have retired 30 years ago and lived off his wealth, but he wakes up every morning at 3:30 a.m. and arrives at the Swap Shop by 4:30 a.m. Betty arrives later to handle the money. People often ask why they're still working and the answer is simple, Henn said.

"Because I like it and my wife likes it. I could be anywhere I wanna be — I wanna be right here," Henn said. "When I go, I wanna go out on a golf cart right here at the Swap Shop. I don't want to go to a rest home or anything."